Addressing Workplace Mental Health: ifeel’s Innovative Approach and Recent Funding
Work-related stress, depression, and anxiety have become prevalent issues in today’s fast-paced and demanding work environments. The impact of these mental health challenges is not limited to individuals alone; it extends to the overall productivity of companies, resulting in increased absences and long-term sick leave. While many organizations focus on physical wellness by offering gym memberships, European startup ifeel recognized the need for a different approach to tackle mental health. In 2021, the company successfully raised $6.6 million and has now secured a $20 million Series B investment co-led by FinTLV Ventures and Korelya Capital, bringing its total funding to $40 million.
Originally established in 2017 as a therapy platform for consumers, ifeel adapted its services during the pandemic to cater to businesses. It transformed into a valuable resource that could be incorporated into an employer’s or insurance provider’s healthcare coverage. Competing with established players like Modern Health, ifeel’s unique proposition lies in its comprehensive digital assessment and AI-driven system.
CEO Amir Kaplan explains that when users enter the platform, they undergo a digital assessment that works in tandem with the AI system. This assessment allows ifeel to evaluate the individual’s risk level and determine the most appropriate level of care needed. From mild to high-risk cases, ifeel provides personalized recommendations for treatment. The ultimate goal is to identify high-risk cases early on, preventing them from having a significant impact on both the individual and the company. Simultaneously, ifeel also focuses on addressing emerging cases, allowing companies to provide scalable support.
The significance of addressing mental health in the workplace cannot be overstated. Research conducted by the U.K.-based Centre for Mental Health think tank reveals that poor mental health costs England a staggering £300 billion annually. Acknowledging this tremendous economic and societal burden, Gil Arazi, founder and managing partner of FinTLV Ventures, emphasizes the importance of prevention and preventative solutions in the insurance industry.
By securing substantial funding, ifeel is well-positioned to make a significant impact in the realm of workplace mental health. Its innovative approach, coupled with its AI-powered assessment system, sets it apart from traditional solutions. With an increasing emphasis on prioritizing mental health in the workplace, ifeel’s platform offers a comprehensive and scalable solution that can benefit both individuals and companies. By investing in prevention and early intervention, businesses can proactively address mental health challenges, fostering a healthier and more productive work environment.